Revolut will start by testing the new license in Lithuania next year
Mobile-only bank Revolut announced that its application for a European banking license has been approved by the European Central Bank.
If a user chooses to open a full current account with Revolut Bank in the future, any funds they deposit will be protected up to €100,000 under the European Deposit Insurance Scheme (EDIS). Once operational banking license will allow Revolut users access to overdraft facilities and personal loans.
Revolut will start by testing the new license in Lithuania next year and after that will look to expand into other European markets later in the year.